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Income statement

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Income statement

Income statement (unaudited)
	As of or for the quarter ended			% change from		Year ended
CHF million, except where indicated	31.12.08	30.9.08	31.12.07	3Q08	4Q07	31.12.08	31.12.07

Continuing operations
Interest income	11,745	16,393	25,820	(28)	(55)	65,890	109,112
Interest expense	(9,879)	(14,971)	(24,283)	(34)	(59)	(59,687)	(103,775)
Net interest income	1,866	1,422	1,537	31	21	6,203	5,337
Credit loss (expense) / recovery	(2,310)	(357)	(238)	547	871	(2,996)	(238)
Net interest income after credit loss expense	(444)	1,065	1,299			3,207	5,099
Net fee and commission income	4,784	5,709	7,727	(16)	(38)	22,929	30,634
Net trading income	(8,779)	(1,509)	(13,915)	(482)	37	(25,474)	(8,353)
Other income	359	292	757	23	(53)	884	4,341
Total operating income	(4,079)	5,556	(4,132)		1	1,545	31,721
Cash components	2,357	3,936	5,418	(40)	(56)	16,356	22,342
Share-based components	21	61	866	(66)	(98)	(94)	3,173
Total personnel expenses	2,378	3,997	6,284	(41)	(62)	16,262	25,515
General and administrative expenses	2,806	1,702	2,258	65	24	9,581	8,429
Depreciation of property and equipment	395	288	310	37	27	1,241	1,243
Impairment of goodwill	0	0	0			341	0
Amortization of intangible assets	66	50	66	32	0	213	276
Total operating expenses	5,645	6,036	8,918	(6)	(37)	27,638	35,463
Operating profit from continuing operations before tax	(9,724)	(480)	(13,050)		25	(26,092)	(3,742)
Tax expense	(1,727)	(913)	(162)	(89)	(966)	(6,766)	1,369
Net profit from continuing operations	(7,997)	433	(12,888)		38	(19,327)	(5,111)

Discontinued operations
Profit from discontinued operations before tax	19	0	34		(44)	198	145
Tax expense	0	0	2		(100)	1	(258)
Net profit from discontinued operations	19	0	32		(41)	198	403

Net profit	(7,978)	433	(12,856)		38	(19,129)	(4,708)
Net profit attributable to minority interests	123	137	111	(10)	11	568	539
from continuing operations	123	136	111	(10)	11	520	539
from discontinued operations	0	1	0	(100)		48	0
Net profit attributable to UBS shareholders	(8,100)	296	(12,967)		38	(19,697)	(5,247)
from continuing operations	(8,119)	297	(12,999)		38	(19,847)	(5,650)
from discontinued operations	19	(1)	32		(41)	150	403

Earnings per share
Basic earnings per share (CHF)	(2.55)	0.10	(6.03)		58	(7.11)	(2.42)
from continuing operations	(2.56)	0.10	(6.04)		58	(7.17)	(2.61)
from discontinued operations	0.01	0.00	0.01		0	0.05	0.19
Diluted earnings per share (CHF)	(2.55)	0.09	(6.03)		58	(7.12)	(2.43)
from continuing operations	(2.56)	0.09	(6.04)		58	(7.17)	(2.61)
from discontinued operations	0.01	0.00	0.01		0	0.05	0.19

Additional information
Personnel (full-time equivalents) ¹	77,783	79,565	83,560	(2)	(7)
1 Excludes personnel from private equity (part of the Corporate Center).

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